Verde Announces Q3 2025 Earnings Results

Singapore. November 12, 2025 — Verde AgriTech Ltd (TSX: NPK | OTCQX: VNPKF) (“Verde” or the “Company”) announces its operating and financial results for the period ended September 30, 2025 (“Q3 2025”). All figures are in Canadian dollars, unless stated otherwise. Average exchange rate in Q3 2025: C$1.00 = R$4.04.

“Verde has a great deal underway—both in Enhanced Rock Weathering and in our rare-earths exploration—and we look forward to updating the market on those fronts separately. Today’s release is deliberately focused on Q3 financial performance. The Great Brazilian Agriculture Crisis continues to weigh on demand, with elevated insolvencies across the sector, but we have executed with discipline: cutting costs, tightening credit, and concentrating on resilient, long-cycle customers. Our agronomic trials in eucalyptus and sugarcane are progressing well and are opening channels where a small group of buyers could, together, absorb volumes beyond our current capacity. While industry conditions remain challenging, Q3 shows clear sequential improvement and the operational rigor to keep building from here,” said Cristiano Veloso, Founder and Chief Executive Officer of Verde AgriTech.

Q3 2025 Highlights

Operational and Financial Highlights

• EBITDA before non-cash events was $0.1 million in Q3 2025, compared to -$0.03 in Q3 2024, representing the first positive EBITDA since Q2 2023.
• Sales volume in Q3 2025 was 85,136 tons; a 16% reduction compared to Q3 2024.
• Revenue in Q3 2025 was $5.9 million, an 18% decrease from the same period last year.
• Gross margin excluding freight was 60% during the quarter, in line with Q3 2024.
• Net loss in Q3 2025 was $2.1 million, compared to a $2.3 million loss in Q3 2024.
• Cash in Q3 2025 was $3.6 million, compared to $3.4 million in Q3 2024. Short-term receivables in the quarter were $7.9 million, compared to $11.3 million in Q3 2024.
• During the period, Verde was granted a Brazilian patent for its advanced fertilizer production technology combining glauconitic siltstone and beneficial microorganisms. The Company holds five patents in Brazil with National Institute of Industrial Property (INPI) and has three patent applications pending.

Sustainability Highlights

• Product sold in Q3 2025 has the potential to capture up to 10,214 tons of carbon dioxide (“CO₂”) from the atmosphere via Enhanced Rock Weathering (“ERW”).^[1] The potential net amount of carbon captured is estimated at 7,106 tons of CO₂. In addition to its carbon removal potential, Q3 2025 sales avoided the emissions of 4,155 tons of CO₂e, by substituting potassium chloride (“KCl”) fertilizers.[2] Combining the potential carbon removal and carbon emissions avoided by the use of the product since the start of production in 2018, Verde’s total potential impact stands at 329,933 tons of CO₂.[3]
• 6,740 tons of chloride have been prevented from being applied into soils in Q3 2025, by farmers who used the Product in lieu of KCl fertilizers.^[4] A total of 188,742 tons of chloride has been prevented from being applied into soil by Verde’s customers since the Company started production.^[5]

Recent Events

• Subsequent to quarter end, Verde announced the discovery of a continuous, clay-hosted rare earth element mineralized zone in Minas Gerais, Brazil, covering approximately 5,500 hectares across 13 mineral rights. The zone was defined through integrated geological mapping, geochemistry, and spectral or geophysical datasets, and confirmed by trench sampling (see news release dated October 6, 2025). The commencement of a three-rig drilling program, was announced shortly after this discovery, which focuses on defining initial high-quality magnet rare earths resources (see news release dated October 9, 2025).
• In addition, Verde’s Board has reviewed the initial trench sampling work and has decided to accelerate the project, now formally named the Minas Americas Global Alliance magnetic rare earths project (the “Project”), laying out key project milestones (see news release dated October 21, 2025), which includes: completing mobilization; confirming ionic clay mineralization with summary of ionic adsorption diagnostics together with full leachate impurity and radiological screening, completing initial drilling and additional trenching (Q4 2025), releasing results from an ANSTO recovery test (Q1 2026); publishing a maiden NI 43-101 mineral resource estimate (Q1 2026) and publishing a preliminary economic assessment (PEA) (mid-2026). Verde is fully funded to execute the initial Project work program while continuing its fertilizer operations.
• More recently, Verde confirmed ionic-adsorption behaviour across multiple trenches at the Minas Americas Global Alliance Project reporting that ammonium-sulfate leach tests returned primary leach solutions (“PLS”) with very strong magnet rare earth (neodymium (Nd), praseodymium (Pr), dysprosium (Dy), terbium (Tb)) grades and exceptionally low impurities (thorium/ uranium (Th/U) at, or below, detection) (see news release dated October 21, 2025).

“Despite the Great Brazilian Agricultural Crisis that began in early 2023 amidst a backdrop of tight credit and higher rates, our team delivered Verde’s first positive EBITDA after eight consecutive negative quarters and we are cautiously optimistic that this momentum will continue into 2026,” continued Mr. Veloso. “We have grown our sales volumes at a 6-year CAGR of 49%, and that discipline—protecting cash generation and finishing Q3 with $3.6 million—positions us well. Looking ahead, we expect Q4 2025 into Q1 2026 to be stronger than the past year, signaling a potential end to the Brazilian agricultural crisis and a return to growth.”

Q3 2025 In Review

Market Analysis

Agricultural and fertilizer sector

The agribusiness sector continued to face pressure during Q3 2025 as part of the Great Brazilian Agricultural Crisis, with ongoing challenges such as geopolitical tensions, extreme climate risks, high input costs, financing difficulties and trade volatility, creating uncertainties for output and market stability.[6] However, Verde began to see some recovery from the agricultural downturn that started in early 2023. The Companhia Nacional de Abastecimento (Conab) September report expects Brazilian’s soybean, corn and grain production to remain high, reaffirming the country’s resilience in agricultural output. Brazilian farmers have begun the 2025/26 planting season, and Conab’s initial outlook suggests another increase in corn and soybean acreage. The expansion reflects rising domestic biofuel demand and robust exports that continue to set shipment records.[7] At the same time, global demand for potash is strengthening, supported by population growth, food security, precision farming, specialized fertilizers, and a focus on efficiency. The market is projected to reach US$34.8 billion by 2033, suggesting a 9-year CAGR of 2.66%.[8] Taken together with projected 5-year and 10-year growth rates of ~2.3-2.5% per year and 2.5% per year, respectively, suggests a cautiously optimistic outlook for the sector.[9]

Despite this, input cost challenges, particularly high fertilizer prices, combined with relatively steady crop prices, have impacted the profitability of Brazil’s soy and corn producers during the 2025/26 harvest, currently being planted.[10] During the quarter, fertilizer prices, especially for potassium chloride (KCI), remained high, above US$350/metric ton. [11] This may lower the gross margins for producers even amid strong demand for grains and other agricultural products. [12]

Figure 1: Average potassium chloride (KCl) prices per metric ton

Brazilian farmers relying on leased land or loans face further challenges from high interest rates and accumulated leverage. According to Experian’s Agro Judicial Recovery Indicator, the sector registered 565 requests for judicial measures in Q2 2025, up 31.7% from the previous quarter.[13]

The government recently announced a R$12.0 billion (approximately USD 2.21 billion) rural credit and debt-relief program aimed at supporting up to 100,000 mostly small and medium farmers, affected by extreme weather. [14]  While the initiative is designed to ease short-term cash flow pressures, reduce credit risk, and support input demand (including fertilizers), many farmers are finding it difficult to access the funds. Banks responsible for intermediating the operations require substantial collateral, but most farmers have already pledged their available assets to other creditors.

Like Verde, other players in the sector adopted measures to safeguard operations and improve resilience. Fertilizer producers face a combination of climate-related delays, lower technology adoption, and farmer cost containment. Many have launched debt restructuring efforts to reduce short-term liabilities, preserve liquidity, and secure more sustainable financial terms on existing debt.[15] These actions reinforce a sector-wide emphasis on cost discipline, credit selectivity, and long-term stability. Verde maintained a conservative commercial strategy throughout the quarter, limiting sales exposure to higher-risk clients.

Rare earths market

The price for rare earths elements remained elevated in Q3 2025. Despite China implementing stricter export controls on rare earth elements and related technologies, citing national security concerns[16], the global market continues to grow, with projections showing a 7-year CAGR of 10.2%, from US$3.74 billion in 2024 to US$8.14 billion by 2032.[17] Brazil, which holds the world’s second-largest, rare earths reserves at 21 million metric tons[18], is taking steps to strengthen its position, offering financial guarantees and tax incentives to support domestic mining and processing of strategic minerals.[19] Driven by rising global demand for strategic minerals, investments in Brazil’s rare earths sector are forecast to climb 49% by 2029.[20]

Macroeconomic Conditions

Under a tight monetary policy, with record-high SELIC interest rates of 15%, Brazil’s economy is expected to have grown by around 0.3% in the quarter,[21] with a full-year growth projected by Brazilian Central Bank at 2.0%.[22] While the SELIC rate remains elevated, there may be an interest rate cut if inflation continues to ease. Current forecasts indicate the rate will gradually decline to 12.25% in 2026 and further to 10% by 2028. Inflation forecasts for 2025 and 2026 stand at 4.80% and 3.60%[23], respectively, suggesting a cautiously optimistic outlook that Brazil’s macroeconomic environment may be on a path toward stabilization in the medium term.

Figure 2: Selic Interest Rates

The agriculture industry continues to navigate an increasingly challenging credit environment. Working capital remains tight for many farmers, and more suppliers have shifted toward post-harvest payment terms, often requiring payment nine to 12 months after the harvest. As discussed earlier, a government subsidy introduced earlier this year aims to ease short-term credit constraints. In reality, however, many farmers still struggle to access these funds, as banks are requiring collateral that they often cannot provide, and available guarantees remain limited. As a result, credit approvals and disbursements continue to lag, forcing farmers and producers to carefully manage liquidity, cash flow and credit exposure throughout the supply chain.

Global political developments involving key Brazilian trading partners, along with ongoing discussions around taxation and regulation, have introduced some uncertainty for farmers considering long-term investments. In response, many are taking a more conservative approach, prioritizing essential inputs and maintaining financial discipline. While this cautious sentiment has moderated short-term fertilizer demand, it also reflects a broader focus on operational efficiency and strategic resource allocation. As greater clarity emerges around policy and market dynamics, purchasing activity may begin to recover.[24]

External Factors

Revenue and costs are affected by external factors including changes in the exchange rates between the C$ and R$ along with fluctuations in potassium chloride spot CFR Brazil, agricultural commodities prices, interest rates, among other factors. For further details, please refer to the Q3 2025 Year in Review section.

Results of Operations

The following table provides information about three months ended September 30, 2025, as compared to the three months ended September 30, 2024. All amounts in CAD $’000.

⁽¹⁾ – Non GAAP measure
⁽²⁾ – Included in General and Administrative expenses in financial statements
⁽³⁾ – Included in General and Administrative expenses and Cost of Sales in financial statements
⁽⁴⁾ – Please see Summary of Interest-Bearing Loans and Borrowings notes
⁽⁵⁾ – Please see Income Tax notes

Operating and Financial Results

Sales Performance

In Q3 2025, revenue from sales declined by 18%, accompanied by a 3% decline in the average revenue per ton compared to Q3 2024. Excluding freight expenses (FOB price), the average revenue per ton declined by 6%, primarily driven by the devaluation of the Brazilian Real by 5.1% and a reduction in sales of specialty products, which decreased from 17% to 15% of the sales mix. The shift reflects farmers’ increasing preference for lower value-added products, as many continue to face restricted cash flows.

Verde maintains a rigorous credit approval process for customers purchasing specialty fertilizers, due to the inclusion of third-party raw materials in these products. This more stringent evaluation helps safeguard operational continuity and mitigates risks associated with the fulfillment of purchase agreements.

The Company reported a net loss of $2.1 million in Q3 2025, compared to a net loss of $2.3 million in Q3 2024. The year-over-year improvement of $0.2 million primarily reflects lower non-cash expense from a reduction in the allowance for expected credit losses

Basic loss per share totaled $0.04 in Q3 2025, the same as in Q3 2024.

Production Costs [25]

The average cost per ton decreased by 6% in Q3 2025, primarily due to an 5.1% devaluation of the Brazilian Real, alongside a lower proportion of specialty product orders compared to regular products.

Production costs include all direct costs from mining, processing, and the addition of other nutrients to the Product, such as sulphur and boron. It also includes the logistics costs from the mine to the plant and related salaries.

Financing Activities

As a result of Q2 2025 debt restructuring, the Company required less cash for interest and principal payments during the period.

Financial Position

As of September 30, 2025, Verde held cash of $3.6 million, compared to $3.4 million at the end of Q3 2024. Short-term receivables recorded during the quarter were $7.9 million. The total cash and short-term receivables were $11.5 million in Q3 2025.

Outlook

For the balance of 2025 and into 2026, the Company expects continued operational improvement in its fertilizer business versus the prior 24 months. Verde anticipates improving market conditions, with early signs of recovery in H2 2025—supported by higher grain output, the potential for lower Brazilian interest rates, and moderating inflation—pointing to a near-term easing of the agricultural downturn.

Following the discovery of high-grade magnet rare earth mineralization at the Minas Americas Global Alliance magnetic rare earths project, the Board has initiated a strategic review and outlined several key project milestones which include: confirming ionic clay mineralization with summary of ionic adsorption diagnostics together with full leachate impurity and radiological screening (now confirmed), completing initial drilling and additional trenching (Q4 2025), releasing results from an ANSTO recovery test (Q1 2026); publishing a maiden NI 43-101 mineral resource estimate (Q1 2026) and publishing a preliminary economic assessment (PEA) (mid-2026).

Q3 Results Conference Call

The Company will host a conference call to discuss Q3 2025 results and provide an update. Subscribe using the link below and receive the conference details by email.

The Company’s financial statements and related notes for the period ended September 30, 2025 are available to the public on SEDAR+ at www.sedarplus.ca and the Company’s website at www.investor.verde.ag/.

About Verde AgriTech

Verde AgriTech is dedicated to advancing sustainable agriculture through the innovation of specialty multi-nutrient potassium fertilizers. Our mission is to increase agricultural productivity, enhance soil health, and significantly contribute to environmental sustainability. Utilizing our unique position in Brazil, we harness proprietary technologies to develop solutions that not only meet the immediate needs of farmers but also address global challenges such as food security and climate change. Our commitment to carbon capture and the production of eco-friendly fertilizers underscores our vision for a future where agriculture contributes positively to the health of our planet.

For more information on how we are leading the way towards sustainable agriculture and climate change mitigation in Brazil, visit our website at https://verde.ag/en/home/.

For additional information please contact:

Cristiano Veloso, Chief Executive Officer and Founder

Tel: +55 (31) 3245 0205; Email: investor@verde.ag

www.verde.ag | www.investor.verde.ag

Cautionary Language and Forward-Looking Statements

Cautionary Note Regarding Mineral Resources and Reserves (NI 43-101 / CIM)

Unless otherwise indicated, all scientific and technical information in this news release has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards (May 10, 2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that any part of an Inferred Mineral Resource will be converted into Measured or Indicated Mineral Resources or into Mineral Reserves. The results of any preliminary economic assessment (“PEA”) or pre-feasibility study (“PFS”), to the extent referenced, are preliminary in nature and include inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves; there is no certainty that the PEA or PFS results will be realized.

Cautionary Note to U.S. Investors

The terms “Mineral Resource,” “Inferred Mineral Resource,” “Indicated Mineral Resource,” and “Measured Mineral Resource,” and “Mineral Reserve,” as used herein, are defined in accordance with NI 43-101 and the CIM Definition Standards, which differ in certain respects from the requirements of the U.S. Securities and Exchange Commission (“SEC”), including Subpart 1300 of Regulation S-K (“S-K 1300”). Accordingly, information contained herein may not be comparable to similar information made public by U.S. companies subject to the SEC’s reporting and disclosure requirements.

Forward-Looking Information and Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Forward-looking statements are made as of the date of this news release and relate to future events or performance. Often, but not always, forward-looking statements can be identified by words such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “envisages,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will” be taken, occur or be achieved.

Forward-looking statements in this news release include, without limitation, statements with respect to: (i) estimates of the tonnage and grades of Mineral Resources and Mineral Reserves; (ii) the potential amount of CO₂ removal per tonne of rock and the development, verification, issuance and sale of carbon-removal credits; (iii) the PFS representing a viable development option for the Project and the timing of related disclosures; (iv) estimates of initial and sustaining capital costs, operating and total costs, payback periods, net cash flow, net present value and economic returns; (v) future production volumes (produced and sold) and sales assumptions for Super Greensand® and K Forte®; (vi) the Company’s competitive position in Brazil and potash market demand; (vii) recommendations of any special committee; (viii) the terms, timing, court approval and financial impact of any debt restructuring; and (ix) the potential outcomes of re-assaying certain core samples.

These forward-looking statements are based on the Company’s and its consultants’ reasonable assumptions, estimates and opinions as of the date hereof, including, without limitation: (i) the presence and continuity of Mineral Resources and Mineral Reserves at estimated grades; (ii) geotechnical, hydrological and metallurgical characteristics of rock consistent with sampled results; (iii) capacities, availability and performance of equipment and personnel at estimated costs and timelines; (iv) foreign exchange rates; (v) realized sales prices, market size and adoption for the Company’s products; (vi) applicable discount, tax and royalty rates; (vii) availability and cost of acceptable financing; (viii) anticipated mining loss and dilution; (ix) receipt of required permits and other regulatory approvals on acceptable terms; (x) reasonable contingency allowances; (xi) successful execution of operating plans; (xii) the fulfilment of environmental assessment commitments and community arrangements; and (xiii) for carbon-removal activities, the applicability of methodologies, verification, permanence, monitoring and market acceptance.

Forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, without limitation: risks related to court approvals and the completion of any debt restructuring; variations in grade or recovery; adverse geotechnical, hydrological or metallurgical conditions; changes in project parameters as plans continue to be refined; cost escalation and inflationary pressures; labour availability; fluctuations in commodity prices and demand (including potash); foreign-exchange volatility (including Brazilian Real–Canadian dollar); availability and terms of financing; changes in tax and royalty regimes; delays in permitting or stakeholder agreements; competitive pressures; infrastructure and operational risks; regulatory changes affecting mining, fertilizers and carbon-removal markets; and, for carbon-removal activities, risks relating to methodology eligibility, additionality, durability/permanence, leakage, monitoring, verification, certification, policy shifts and pricing, any of which could affect the issuance, saleability or value of credits. Additional information about risk factors is described in the Company’s most recent Annual Information Form filed on SEDAR+ (www.sedarplus.com) and in other continuous disclosure filings. The foregoing list is not exhaustive, and there can be no assurance that forward-looking statements will prove accurate.

Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Outlook / Future-Oriented Financial Information

This news release may contain future-oriented financial information or financial outlooks (collectively, “FOFI”) within the meaning of applicable securities laws, including, without limitation, estimates of capital and operating costs, net present value, internal rate of return, payback and projected revenues or cash flows. Such FOFI are provided to describe the anticipated effects of proposed project development and may not be appropriate for other purposes. The FOFI are based on the assumptions and subject to the risks described above, and actual results may vary materially.

Currency, Units and Trademarks

Unless otherwise stated, all figures are in Canadian dollars (C$). Tonnages are metric tonnes. Super Greensand® and K Forte® are registered trademarks of the Company.

[1] The carbon capture potential of Verde’s products, through Enhanced Rock Weathering (ERW), is 120 kg CO₂e per ton of K Forte®. For further information, see “Verde’s Products Remove Carbon Dioxide From the Air”.

[2] K Forte® is a fertilizer produced in Brazil using national raw materials. Its production process has low energy consumption from renewable sources and, consequently, a low environmental and GHG emissions footprint. Whereas the high carbon footprint of KCl results from a complex production process, involving extraction, concentration, and granulation of KCl, in addition to the long transportation distances to Brazil, given that 95% of the KCl consumed in the country is imported. 12Mt of K Forte® is equivalent to 2Mt of KCl in K2O content. Emissions avoided are calculated as the difference between the weighted average emissions for KCl suppliers to produce, deliver, and apply their product in each customer’s city and the emissions determined according to K Forte®’s Life Cycle Assessment for its production, delivery, and application in each customer’s city.

[3] From 2018 to Q3 2025, the Company has sold 2.4 million tons of Product, which can potentially remove up to 261,948 tons of CO₂. Additionally, this amount of Product could potentially avoid up to 67,985 tons of CO₂ emissions.

[4] Verde’s Product is a salinity and chloride-free replacement for KCl fertilizers. Potassium chloride is composed of approximately 46% of chloride, which can have biocidal effects when excessively applied to soils. According to Heide Hermary (Effects of some synthetic fertilizers on the soil ecosystem, 2007), applying 1 pound of potassium chloride to the soil is equivalent to applying 1 gallon of Clorox bleach, with regard to killing soil microorganisms. Soil microorganisms play a crucial role in agriculture by capturing and storing carbon in the soil, making a significant contribution to the global fight against climate change.

[5] 1 ton of Product (10% K₂O) has 0.1 tons of K₂O, which is equivalent to 0.17 tons of potassium chloride (60% K₂O), containing 0.08 tons of chloride.

[6] Source: Perspectives for Agriculture – Volume 13 – 2025/2026 Harvest, Companhia Nacional de Abasteciento, September 19, 2025. Available at: https://www.gov.br/conab/pt-br/acesso-a-informacao/institucional/publicacoes/perspectivas-para-a-agropecuaria/perspectivas-para-a-agropecuaria-volume-13-safra-2025-2026-1

[7] Source: Brazil begins planting with expected record acreage driven by high demand but low margins, Farmdoc Daily, University of Illinois at Urbana-Champaign, October 20, 2025. Available at: https://farmdocdaily.illinois.edu/2025/10/brazil-begins-planting-with-expected-record-acreage-driven-by-high-demand-but-low-margins.html

[8] Source: Potash Market Report – Business Research Insights, October 20, 2025. Available at: https://www.businessresearchinsights.com/market-reports/potash-market-120921

[9] Source: Brazil: 2025 article iv consultation—press release; staff report; and statement by the executive director for Brazil, International Monetary Fund, June 27, 2025. Available at:  https://www.elibrary.imf.org/view/journals/002/2025/194/article-A000-en.pdf

¹⁰ Source: Soy and corn farmers could face losses this harvest, Valor International, October 17, 2025. Available at: https://valorinternational.globo.com/agribusiness/news/2025/10/17/soy-and-corn-farmers-could-face-losses-this-harvest.ghtml

[11] Available at: Acerto Limited

[12] Source: Brazil begins planting with expected record acreage driven by high demand but low margins, Farmdoc Daily, University of Illinois at Urbana-Champaign, October 20, 2025. Available at: https://farmdocdaily.illinois.edu/2025/10/brazil-begins-planting-with-expected-record-acreage-driven-by-high-demand-but-low-margins.html

[13] Source: Judicial Reorganization: requests grow almost 32% in agribusiness in the second quarter of 2025, shows Serasa Experian indicator, Serasa Experian, September 29, 2025. Available at: https://www.serasaexperian.com.br/sala-de-imprensa/agronegocios/recuperacao-judicial-solicitacoes-crescem-quase-32-no-agro-em-segundo-trimestre-de-2025-mostra-indicador-da-serasa-experian/

[14] Source: Brazil’s Lula announces $2.2 bln debt relief package for farmers, Reuters, September 5, 2025. Available at: https://www.reuters.com/business/finance/brazils-lula-announces-22-bln-debt-relief-package-farmers-2025-09-05/

[15] Source: Lavoro Restructures $460 Million Debt to Secure Crop Input Supply, The AgriBiz, June 18, 2025. Available at: https://www.theagribiz.com/international/lavoro-restructures-460-million-debt-to-secure-crop-input-supply/

[16] Source: Concerned carmakers race to beat China’s rare earths deadline, Reuters, October 21, 2025. Available at: https://www.reuters.com/business/autos-transportation/concerned-carmakers-race-beat-chinas-rare-earths-deadline-2025-10-21/

[17] Source: Rare Earth Elements Market Size, Share & Industry Analysis and Regional Forecast, 2024-2032, Fortune Business Insights, October 6, 2025. Available at: https://www.fortunebusinessinsights.com/rare-earth-elements-market-102943

[18] Source: Brazil’s rare earth projects seek partnerships to enhance energy security, S&P Global, June 6, 2025. Available at: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/metals/060625-brazils-rare-earth-projects-seek-partnerships-to-enhance-energy-security

[19] Source: Brazil eyes financial guarantees, tax breaks for strategic minerals, Reuters, September 5, 2025. Available at: https://www.reuters.com/business/brazil-eyes-financial-guarantees-tax-breaks-strategic-minerals-2025-10-16/

[20] Source: Brazilian Rare earth investments to rise 49% by 2029, Agencia Brazil, October 22, 2025. Available at: https://agenciabrasil.ebc.com.br/en/economia/noticia/2025-10/brazilian-rare-earth-investments-rise-49-2029

[21] Source: Brazil’s economy slows sharply in second quarter but still beats forecasts, Reuters, September 2, 2025. Available at: https://www.reuters.com/world/americas/brazils-economy-slows-sharply-second-quarter-still-beats-forecasts-2025-09-02/

[22] Source: Brazilian Central Bank, Projections for GDP growth in 2025 and 2026, September 2025. Report. Available at: https://www.bcb.gov.br/content/ri/inflationreport/202509/rpm202509b1i.pdf

[23] As of September 30, 2025. Source: Brazilian Central Bank

[24] Source: “US sanctions could cause chaos on Latam farms run on Russian fertilizers,” Reuters, July 21, 2025. Available at: https://www.reuters.com/world/americas/us-sanctions-could-cause-chaos-latam-farms-run-russian-fertilizers-2025-07-21

[25] Verde’s production costs and sales price are based on the following assumptions:

1. Micronutrients added to the product increase its production cost, rendering K Forte® less expensive to produce.
2. Production costs vary based on packaging type, with bulk being less expensive than Jumbo Bags.
3. Plant 1 produces K Forte® Jumbo Bags and Low-Carbon Specialty Fertilizer Products, while Plant 2 exclusively produces K Forte® Bulk. Therefore, Plant 2’s production costs are lower than Plant 1’s costs.